The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account ...The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.展开更多
As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting ...As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting green transformation plays a key role.SMEs play an important role in economic growth,innovation,and job creation,but due to a lack of collateral,imperfect credit history,and opaque financial information,they face great obstacles in the financing process,especially in the early capital investment required for green transformation.Green finance,through innovative financial instruments such as green credit and green bonds,provides new financing channels for SMEs,helping them reduce financing costs,optimize financing structure,and promote their green transformation and sustainable development.This paper analyzes the current situation and root causes of SMEs’financing dilemma from the perspective of green finance,and probes into the influence of green finance policies on financing behavior.展开更多
Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints a...Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.展开更多
Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterpris...Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.展开更多
With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishm...With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].展开更多
With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period f...With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.展开更多
Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that ...Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.展开更多
Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific ...Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific and technological progress and many other fields. However, because of the existence of many problems, the private enterprise of our country now facing the financing restriction problem has not yet been well alleviated, if the existence continues, it is bound to have adverse consequences;This is not only related to the adjustment of the whole industry, but also related to the employment of college students, but also related to the development of domestic demand, and even related to the stability of the whole society. However, the development of Private Economy has a close relation with our economic system, especially the fiscal system. Therefore, from the perspective of finance, it is of practical significance as well as theoretical value to deeply analyze the restriction problems in the private economy.展开更多
In 2020,China clearly put forward the"double carbon"goal of striving to achieve its carbon peak by 2030 and carbon neutrality by 2060.Energy companies are the main source of carbon emissions and key players ...In 2020,China clearly put forward the"double carbon"goal of striving to achieve its carbon peak by 2030 and carbon neutrality by 2060.Energy companies are the main source of carbon emissions and key players in reducing emissions,so they shoulder a pivotal responsibility in achieving this strategic goal.At the same time,Environmental,Social and Governance(ESG)concepts are highly compatible with the"dual-carbon"goal.Therefore,it is of great practical significance to explore the impact of EsG on energy companies to realize the"dual-carbon"goal.In this study,we analyzed the impact of EsG on the total factor productivity of energy companies and its mediating effect from the perspectives of investor preference and financing constraints.The results of this study show that good EsG performance of energy companies can enhance their total factor productivity through the positive effects of investor preference and financing constraints,and the extent of the effects was found to vary among companies with different equity natures,regional situations,and different backgrounds of the directors,supervisors,and senior executives.In view of these effects,energy companies should enhance their total factor productivity by strengthening investor preference and alleviating financing constraints;and they should also learn from each other's EsG development models to promote the overall EsG level of the energy industry.展开更多
Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this pape...Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this paper employs fixed-effects models and moderation effect models to examine the relationship and mechanisms between enterprises'free cash flow generation capacity and their financing constraints.The study found that:(1)Free cash flow can alleviate corporate financing constraints.(2)Corporate performance plays a positive moderating role in the impact of free cash flow on financing constraints.(3)The impact of free cash flow on financing constraints is weaker in state-owned enterprises compared to non-state-owned enterprises.The findings of this paper imply that free cash flow can have a significant impact on corporate financing activities.Therefore,enterprises should pay more attention to their cash flow indicators,signaling their operational stability and risk management capabilities to the outside world,thereby reducing the level of financing constraints faced by the enterprise.展开更多
Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still ...Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for stateowned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.展开更多
This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderati...This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.展开更多
This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examine...This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examines the impact of data assetization on the supply chain resilience of SRDI SMEs,and examines the impact of data assetization on the supply chain resilience of SRDI SMEs using the role of the mechanism model.Through the mechanism model,the mediating effects of financing constraints and technological innovation are examined,and a path of action is drawn,which provides theoretical evidence and policy recommendations for promoting the digital transformation of SRDI SMEs and improving supply chain resilience.展开更多
In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically ...In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically examines how supply chain finance(SCF)promotes green technological innovation.The results show that:(a)SCF significantly enhances green technological innovation in core enterprises,which impacts patents for both green invention and utility models;(b)SCF uses three main pathways to drive innovation:easing financing constraints,accelerating digital transformation,and optimizing corporate governance;and(c)The innovation-enhancing effect of SCF is more pronounced in firms with high environmental investment,and non-heavy-polluting industries.This study enriches the theoretical framework for green technological innovation by incorporating financing,digitalization,and governance perspectives,and also provides micro-level evidence and practical insights for leveraging SCF to empower the real economy.展开更多
Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for gree...Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.展开更多
This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing extern...This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing external financing sources;however,family-owned firms might have some advantages in this regard over nonfamily firms.Unlike previous studies,this study considered that,in the Turkish context,nonfamily firms are financially constrained while family firms are not.To examine this hypothesis,we used the generalized method of moments(GMM)approach to analyze panel data from 2006 to 2017.The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large,well-established family groups.These results elucidate the relationship between corporate ownership and growth among Turkish firms,especially those with strong links to large family-owned corporations.The results also revealed that reputation and network may facilitate easier access to external financing sources,especially when considering the“Big Six”family ties of firms.展开更多
This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the sm...This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the small and medium-sized enterprise has obvious cash flow sensitivity, explaining it is subjected to the larger financing constraints. The development of supply chain finance can alleviate the financing constraints of SMEs, but for large enterprises it is unable to play a corresponding role.展开更多
In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain e...In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.展开更多
In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The...In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.展开更多
文摘The rapid development of digital financial inclusion is profoundly changing the financing environment for small and medium-sized enterprises(SMEs).As an important driver of economic growth and innovation,SMEs account for a significant share of employment and GDP globally.However,the traditional bank credit model has long failed to effectively meet the financing needs of SMEs due to issues such as information asymmetry,high cost,and difficulty in risk assessment,resulting in serious financing constraints.Digital financial inclusion,through technological innovation and big data analysis,has significantly reduced credit costs,alleviated information asymmetry,and provided SMEs with more flexible and efficient financing channels.Research shows that digital financial inclusion can not only ease the financing constraints of SMEs,but also promote their innovation and growth,providing important support for building a more inclusive and sustainable financial ecosystem.
文摘As an important tool to achieve sustainable economic and environmental development,green finance can effectively alleviate the financing constraints of small and medium-sized enterprises(SMEs),especially in promoting green transformation plays a key role.SMEs play an important role in economic growth,innovation,and job creation,but due to a lack of collateral,imperfect credit history,and opaque financial information,they face great obstacles in the financing process,especially in the early capital investment required for green transformation.Green finance,through innovative financial instruments such as green credit and green bonds,provides new financing channels for SMEs,helping them reduce financing costs,optimize financing structure,and promote their green transformation and sustainable development.This paper analyzes the current situation and root causes of SMEs’financing dilemma from the perspective of green finance,and probes into the influence of green finance policies on financing behavior.
文摘Digital financial inclusion provides financial services through digital platforms,aiming to improve the ability of MSMEs and low-income groups to access financial resources,thereby easing their financing constraints and promoting economic growth and inclusive development.As an innovative financial model,digital financial inclusion utilizes modern technological means to significantly improve the accessibility and convenience of financial services,especially in areas where traditional banking services are under-covered.Digital finance has promoted the popularization of financial services such as micro-credit,micro-savings,and micro-insurance,and helped improve the financing environment of low-income groups and small and micro enterprises.At the same time,digital financial inclusion promotes financial literacy education and digital inclusion construction,and enhances the acceptance and use of digital financial instruments by the general public,which is the key to achieving sustainable development of digital financial inclusion.Therefore,digital financial inclusion can better ease the financing constraints of small and medium-sized enterprises and promote economic development.
文摘Under the socialist market economic system of our country,the government,through the“invisible hand,”carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing.But because of the huge base number of small and medium-sized enterprises in our country,there are many kinds,and the problem of financing constraints is still puzzling the development of enterprises at present.With the continuous promotion of inclusive finance in our country,the problems plaguing SMEs in the last mile of financing are gradually improved.In this context,small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs.The research shows that,first of all,small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems.The development of digital inclusive finance solves the“last kilometer”problem of traditional finance,enhances financial access ability,broadens the financial service group,provides convenience and diversified services for SMEs'financing,and provides inexhaustible impetus for the long-term healthy development of SMEs.Secondly,digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.
文摘With the establishment of Hainan Free Trade Port,the small and medium-sized enterprises in Hainan Free Trade Port have developed and grown in the continuously optimized enterprise environment.The continuous establishment of a large number of small and micro enterprises makes its social and economic development play a non-negligible role.However,due to the small size and insufficient economic strength of small and micro enterprises,their status in the financial system is often very humble.Therefore,under normal circumstances,small and micro enterprises are faced with financing difficulties and high costs,which has a great side effect on their development.The proposal and continuous development of digital inclusive finance,so that small and micro enterprises in access to a wide range of financing opportunities at the same time,their financing methods are more convenient than in the past,the cost is getting lower and lower.This paper deeply discusses the role of digital inclusive finance in easing the financing constraints of small and micro enterprises and puts forward corresponding suggestions[1].
基金Funded by the Natural Science Foundation of China (No. 70372041).
文摘With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.
文摘Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.
文摘Private enterprises are the "most dynamic organization" of Chinas economic and social development, which plays an important role in promoting economic development, promoting employment, promoting scientific and technological progress and many other fields. However, because of the existence of many problems, the private enterprise of our country now facing the financing restriction problem has not yet been well alleviated, if the existence continues, it is bound to have adverse consequences;This is not only related to the adjustment of the whole industry, but also related to the employment of college students, but also related to the development of domestic demand, and even related to the stability of the whole society. However, the development of Private Economy has a close relation with our economic system, especially the fiscal system. Therefore, from the perspective of finance, it is of practical significance as well as theoretical value to deeply analyze the restriction problems in the private economy.
基金The Humanities and Social Sciences Research Project of the Ministry of Education(22YJA790084)。
文摘In 2020,China clearly put forward the"double carbon"goal of striving to achieve its carbon peak by 2030 and carbon neutrality by 2060.Energy companies are the main source of carbon emissions and key players in reducing emissions,so they shoulder a pivotal responsibility in achieving this strategic goal.At the same time,Environmental,Social and Governance(ESG)concepts are highly compatible with the"dual-carbon"goal.Therefore,it is of great practical significance to explore the impact of EsG on energy companies to realize the"dual-carbon"goal.In this study,we analyzed the impact of EsG on the total factor productivity of energy companies and its mediating effect from the perspectives of investor preference and financing constraints.The results of this study show that good EsG performance of energy companies can enhance their total factor productivity through the positive effects of investor preference and financing constraints,and the extent of the effects was found to vary among companies with different equity natures,regional situations,and different backgrounds of the directors,supervisors,and senior executives.In view of these effects,energy companies should enhance their total factor productivity by strengthening investor preference and alleviating financing constraints;and they should also learn from each other's EsG development models to promote the overall EsG level of the energy industry.
文摘Free cash flow and financing constraints can exert significant influences on the operational development of enterprises.Based on the pecking order theory and using data from A-share listed companies in China,this paper employs fixed-effects models and moderation effect models to examine the relationship and mechanisms between enterprises'free cash flow generation capacity and their financing constraints.The study found that:(1)Free cash flow can alleviate corporate financing constraints.(2)Corporate performance plays a positive moderating role in the impact of free cash flow on financing constraints.(3)The impact of free cash flow on financing constraints is weaker in state-owned enterprises compared to non-state-owned enterprises.The findings of this paper imply that free cash flow can have a significant impact on corporate financing activities.Therefore,enterprises should pay more attention to their cash flow indicators,signaling their operational stability and risk management capabilities to the outside world,thereby reducing the level of financing constraints faced by the enterprise.
文摘Given the increasing focus on global sustainable development, many enterprises in developing countries such as China participate in green governance and scale up their green investment;however, many enterprises still experience financing difficulties. Our study investigates whether green governance can mitigate corporate financing constraints. Using a sample of Chinese, A-share listed, high-pollution enterprises from 2013 to 2018, we find that corporate green governance practices, including environmental performance and information disclosure, ease corporate financing constraints. This effect is pronounced in areas with high levels of financial development and for stateowned enterprises. This paper not only proposes a channel for alleviating enterprises’ financing constraints but also reveals the importance of industrial transformation and emissions reduction for energy-intensive industries in emerging markets.
文摘This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.
基金National Undergraduate Training Program for Innovation and Entrepreneurship(D202410120257422558)。
文摘This paper selects the data of China's specialized,special and new“small giants”listed companies from 2011 to 2021,and starts from the key production factor and strategic asset of data assets,empirically examines the impact of data assetization on the supply chain resilience of SRDI SMEs,and examines the impact of data assetization on the supply chain resilience of SRDI SMEs using the role of the mechanism model.Through the mechanism model,the mediating effects of financing constraints and technological innovation are examined,and a path of action is drawn,which provides theoretical evidence and policy recommendations for promoting the digital transformation of SRDI SMEs and improving supply chain resilience.
基金supported by the Chongqing Municipal Education Commission Science and Technology Project(KJQN202000506).
文摘In China’s era of high-quality development,green technological innovation has become a key driver of economic growth.Drawing on data from A-share listed companies in China from 2008 to 2022,this paper systematically examines how supply chain finance(SCF)promotes green technological innovation.The results show that:(a)SCF significantly enhances green technological innovation in core enterprises,which impacts patents for both green invention and utility models;(b)SCF uses three main pathways to drive innovation:easing financing constraints,accelerating digital transformation,and optimizing corporate governance;and(c)The innovation-enhancing effect of SCF is more pronounced in firms with high environmental investment,and non-heavy-polluting industries.This study enriches the theoretical framework for green technological innovation by incorporating financing,digitalization,and governance perspectives,and also provides micro-level evidence and practical insights for leveraging SCF to empower the real economy.
文摘Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.
文摘This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing external financing sources;however,family-owned firms might have some advantages in this regard over nonfamily firms.Unlike previous studies,this study considered that,in the Turkish context,nonfamily firms are financially constrained while family firms are not.To examine this hypothesis,we used the generalized method of moments(GMM)approach to analyze panel data from 2006 to 2017.The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large,well-established family groups.These results elucidate the relationship between corporate ownership and growth among Turkish firms,especially those with strong links to large family-owned corporations.The results also revealed that reputation and network may facilitate easier access to external financing sources,especially when considering the“Big Six”family ties of firms.
文摘This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the small and medium-sized enterprise has obvious cash flow sensitivity, explaining it is subjected to the larger financing constraints. The development of supply chain finance can alleviate the financing constraints of SMEs, but for large enterprises it is unable to play a corresponding role.
文摘In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.
文摘In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.
